Name: Genpact at FinovateFall 2023 – Generative AI across the banking value chain
Uploaded: 2023-10-13T13:01:03.436Z
Duration: 529.12

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FF.INT.009.vtt

ENGLISH

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This is FinTech Futures at
Finovate Fall, and I'm joined

{{00:00:08}}
by Anu Sachdeva of Genpact.

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Anu, how are you?

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Thank you very much.

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Excited to be here today, Paul.

{{00:00:14}}
Excellent.

{{00:00:14}}
How are you enjoying
the conference so far?

{{00:00:16}}
Phenomenal.

{{00:00:17}}
There's so much excitement in the air.

{{00:00:20}}
It's endless opportunities for us to
take generative AI to the next level.

{{00:00:25}}
Excellent.

{{00:00:26}}
I'm very excited about it.

{{00:00:27}}
Perfect.

{{00:00:27}}
So just to get started, give us a
quick introduction to yourself and your

{{00:00:30}}
role I'm the global service line and
solutions leader for Genpact, responsible

{{00:00:37}}
for bringing in new technologies,
new products, new services, and make

{{00:00:41}}
the outcomes better for our clients.

{{00:00:43}}
Excellent, excellent.

{{00:00:43}}
And you mentioned you're delivering
a keynote speech while you're

{{00:00:46}}
here on generative AI and Packing.

{{00:00:48}}
Obviously, one of the big topics this
year across industries has been Gen AI.

{{00:00:53}}
Looking at financial services in
particular what kind of key use

{{00:00:56}}
cases do you think it's bringing
to banking and the key benefits?

{{00:01:00}}
Look, generative AI, especially for
banking and financial services, which

{{00:01:04}}
has historically been the laggards,
historically been slow movers, I think

{{00:01:09}}
the opportunity is immense to now
leapfrog into the next generation.

{{00:01:13}}
A lot of banks are already testing.

{{00:01:15}}
It's still the phase of
testing, trying, failing.

{{00:01:18}}
Redoing, and as Genpact, we are fully
integrated and part of that whole

{{00:01:24}}
journey for our clients to really
help them achieve their outcomes, the

{{00:01:28}}
business outcomes to a next level.

{{00:01:30}}
Some examples from the industry, I'm sure
you would have seen it Morgan Stanley

{{00:01:35}}
or Citibank, they're already trying
and testing it in their software side.

{{00:01:40}}
We have seen American Express, I
believe, trying it out in the analytics.

{{00:01:45}}
I was in Australia a few weeks
back and I heard about Commonwealth

{{00:01:48}}
Bank and even BestPak trying out
in their operating processes.

{{00:01:54}}
A lot of testing, a lot of proof of
concepts, a lot of ideas are being tested.

{{00:02:01}}
And I think Genpak is...

{{00:02:04}}
Aligned in the journey.

{{00:02:05}}
And we ourselves are testing and
implementing several hundreds

{{00:02:09}}
of ideas for our clients.

{{00:02:11}}
Excellent.

{{00:02:11}}


{{00:02:12}}
On that front can you tell us a bit
a bit more about some of the genic

{{00:02:15}}
services that you've been developing at
Genpak and some of the solutions that

{{00:02:17}}
you've been offering for your clients?

{{00:02:18}}
What we looked at Paul, was what
would be most impactful for the bank's

{{00:02:24}}
customers and their own employees.

{{00:02:27}}
So we are looking at both the sides
of the value generative AI can create.

{{00:02:33}}
So especially in the area of
customers, we have already implemented

{{00:02:41}}
generative AI in anti money laundering,
which I know is such a huge issue.

{{00:02:47}}
Money laundering is such a,
huge issue for the industry.

{{00:02:50}}
I don't know if you realized or know that.

{{00:02:52}}
Almost 1.

{{00:02:53}}
6 trillion dollars of illicit
funds flow through the system.

{{00:02:57}}
And guess what?

{{00:02:58}}
Only 1.

{{00:02:59}}
6 percent ever get caught.

{{00:03:01}}
That's the kind of problem and
very close to very close to us

{{00:03:06}}
in terms of how important it is.

{{00:03:08}}
Because it speaks to the purpose
of our organization as well.

{{00:03:11}}
So we have created a solution
exactly to handle that.

{{00:03:14}}
It's already been implemented through
our proprietary RISC Canvas platform

{{00:03:20}}
for our clients APEX FinTech.

{{00:03:22}}
And we are helping them using generative
AI in making sure that the narration,

{{00:03:28}}
the narratives which are written are
And the reports which are generated

{{00:03:32}}
has big generative some of the
concerns around generative AI as well

{{00:03:38}}
have been accuracy in the responses,
potential bias in the responses.

{{00:03:41}}
How have you gone around adapting
that tech or developing that tech

{{00:03:46}}
as well to make sure that you're
getting really accurate responses

{{00:03:48}}
but also avoiding that bias as well?

{{00:03:50}}
And I think that's a very important
question and also responsible AI.

{{00:03:55}}
is a very big field in itself
and as Genpak, we have created

{{00:04:00}}
frameworks to counter exactly
what you're just talking about.

{{00:04:04}}
How do we make sure that there is
full transparency to what the models

{{00:04:08}}
can do and what they cannot do?

{{00:04:10}}
What is the kind of
data we're bringing in?

{{00:04:12}}
Or data privacy protection of IP?

{{00:04:17}}
How do we ensure that the biases
don't creep in the models?

{{00:04:20}}
How do we make sure
there's no discrimination?

{{00:04:22}}
There's a massive area which as Genpak,
we have created our own frameworks

{{00:04:29}}
to help organization take care of
exactly some of these concerns.

{{00:04:35}}
And the whole governance mechanism, which
has to be put in place to ensure that.

{{00:04:39}}
We have a framework established
which can handle all this.

{{00:04:43}}
Excellent, excellent.

{{00:04:44}}
And what would you say then are
the best practices for banks who

{{00:04:47}}
are looking to introduce Genene?

{{00:04:49}}
The best kind of ways that they can
go about introducing their systems?

{{00:04:52}}
Look, I think it's early time for most
banks and financial services institutions.

{{00:04:57}}
And having been in the industry for
the past 20 years and one big area,

{{00:05:03}}
one big lesson that we have learned is
that It's how you contextualize, how

{{00:05:08}}
do you leverage the domain in making
sure that generative AI is impactful.

{{00:05:15}}
And because we have seen millions
of transactions which go through our

{{00:05:19}}
system, there are a few lessons, a
few ideas I would love to share, which

{{00:05:24}}
hopefully our audience can can take back.

{{00:05:27}}
I think first and most important, don't
think of generative AI as a standalone.

{{00:05:33}}
It has to be embedded.

{{00:05:35}}
And it has to be orchestrated end
to end, into the journey, into the

{{00:05:39}}
outcome, not as a standalone thing.

{{00:05:42}}
So that's the first big learning,
or first big statement I would make.

{{00:05:47}}
The second would be, how do you make
sure that you insert it, so that it's

{{00:05:53}}
effectively working with the rest of
the digital technologies, which are

{{00:05:57}}
implemented in the banks and financial
services institutions, for example.

{{00:06:01}}
Cloud Computing, or Robotic Process
Automation, or even Data Orchestration.

{{00:06:06}}
How do you bring it together?

{{00:06:07}}
Because the collaborative effort together
with these technologies will actually

{{00:06:12}}
supercharge innovation for, the firms.

{{00:06:15}}
The third big thing is data.

{{00:06:17}}
No surprise.

{{00:06:18}}
I always think of data as these are
high entropy systems, ecosystems, and

{{00:06:23}}
I, as I said, I always think of data
as, think about a teenager's room.

{{00:06:27}}
It can never stay clean.

{{00:06:28}}
You have to keep at it.

{{00:06:30}}
I think of data exactly the same way.

{{00:06:32}}
You have to keep at it.

{{00:06:33}}
You have to make sure that it's it's
formatted, it's clean, it's available.

{{00:06:39}}
So data has to be very, it
is the most important part.

{{00:06:43}}
And lastly, I would say is
don't underestimate the change

{{00:06:48}}
management that's needed.

{{00:06:50}}
You have to bring in your employees
with you all in that journey because

{{00:06:54}}
employees who are a part of it.

{{00:06:56}}
When you have them as a part
of this entire initiative, the

{{00:07:00}}
adoptions are far more higher.

{{00:07:01}}
So invest in, in upskilling the
employees, invest in cross training

{{00:07:06}}
them, bring them along in the journey.

{{00:07:08}}
That's nice.

{{00:07:09}}
Just to finish off then given how quickly
technology has been evolving recently,

{{00:07:14}}
do you ever see a future with AI that
could get so advanced that it removes that

{{00:07:19}}
human need from the banking experience?

{{00:07:21}}
Or do you think that with...

{{00:07:22}}
Often some of the niche things, often
complex things that people have to

{{00:07:25}}
need that human element in there.

{{00:07:27}}
So as GenVac, we are a firm believer that
the world will see AI and humans together.

{{00:07:36}}
It is going to be AI plus
human, which is actually going

{{00:07:39}}
to be the future in our view.

{{00:07:42}}
And the reason I'm
saying is the following.

{{00:07:45}}
Look, our roles are going to change.

{{00:07:48}}
The tasks are going to get
eliminated, not the work.

{{00:07:51}}
The work is going to get further
enhanced and furthermore valuable and

{{00:07:57}}
we think bringing in the humans, their
empathy, their emotional quotient the

{{00:08:04}}
human ethical decision making, it'll
actually refine these technologies.

{{00:08:11}}
It'll actually make sure that these
technologies work even better and we

{{00:08:14}}
can actually bring more creativity,
more innovation into the picture.

{{00:08:18}}
So why solve the edge cases or
the long tail issues or long

{{00:08:23}}
tail problems with only AI?

{{00:08:26}}
Bring humans in the loop so that
we can take it to the next level.

{{00:08:31}}
So that's how we see the future to be.

{{00:08:33}}
And it's very, exciting.

{{00:08:35}}
It's definitely very exciting.

{{00:08:36}}
Anu, thank you so much again for
taking the time out to speak with us.

{{00:08:38}}
It's been a pleasure.

{{00:08:39}}
Thank you very much.

{{00:08:40}}
Thanks, Paul.

This is FinTech Futures at
Finovate Fall, and I'm joined

How are you enjoying
the conference so far?

It's endless opportunities for us to
take generative AI to the next level.

So just to get started, give us a
quick introduction to yourself and your

role I'm the global service line and
solutions leader for Genpact, responsible

for bringing in new technologies,
new products, new services, and make

And you mentioned you're delivering
a keynote speech while you're

Obviously, one of the big topics this
year across industries has been Gen AI.

Looking at financial services in
particular what kind of key use

cases do you think it's bringing
to banking and the key benefits?

Look, generative AI, especially for
banking and financial services, which

has historically been the laggards,
historically been slow movers, I think

the opportunity is immense to now
leapfrog into the next generation.

It's still the phase of
testing, trying, failing.

Redoing, and as Genpact, we are fully
integrated and part of that whole

journey for our clients to really
help them achieve their outcomes, the

Some examples from the industry, I'm sure
you would have seen it Morgan Stanley

or Citibank, they're already trying
and testing it in their software side.

We have seen American Express, I
believe, trying it out in the analytics.

I was in Australia a few weeks
back and I heard about Commonwealth

Bank and even BestPak trying out
in their operating processes.

A lot of testing, a lot of proof of
concepts, a lot of ideas are being tested.

And we ourselves are testing and
implementing several hundreds

On that front can you tell us a bit
a bit more about some of the genic

services that you've been developing at
Genpak and some of the solutions that

What we looked at Paul, was what
would be most impactful for the bank's

So we are looking at both the sides
of the value generative AI can create.

So especially in the area of
customers, we have already implemented

generative AI in anti money laundering,
which I know is such a huge issue.

Money laundering is such a,
huge issue for the industry.

I don't know if you realized or know that.

6 trillion dollars of illicit
funds flow through the system.

That's the kind of problem and
very close to very close to us

Because it speaks to the purpose
of our organization as well.

So we have created a solution
exactly to handle that.

It's already been implemented through
our proprietary RISC Canvas platform

And we are helping them using generative
AI in making sure that the narration,

the narratives which are written are
And the reports which are generated

has big generative some of the
concerns around generative AI as well

have been accuracy in the responses,
potential bias in the responses.

How have you gone around adapting
that tech or developing that tech

as well to make sure that you're
getting really accurate responses

And I think that's a very important
question and also responsible AI.

is a very big field in itself
and as Genpak, we have created

frameworks to counter exactly
what you're just talking about.

How do we make sure that there is
full transparency to what the models

What is the kind of
data we're bringing in?

How do we ensure that the biases
don't creep in the models?

How do we make sure
there's no discrimination?

There's a massive area which as Genpak,
we have created our own frameworks

to help organization take care of
exactly some of these concerns.

And the whole governance mechanism, which
has to be put in place to ensure that.

We have a framework established
which can handle all this.

And what would you say then are
the best practices for banks who

The best kind of ways that they can
go about introducing their systems?

Look, I think it's early time for most
banks and financial services institutions.